Monday, August 06, 2007

Greenspan Flashback ... Fast Forward to Cramer



American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
— Alan Greenspan, 2/23/2004 [Source]


Nothing against Mr. Greenspan, but how shaky does that comment appear now that we're witnessing the mortgage- and credit-market after-effects of all those "mortgage product alternatives" gone bad?

This is good, too, from that same article:

Joseph McKenzie, deputy chief economist at the Federal Housing Finance Board, says buyers like the stability of fixed-rate mortgages, but there is increasing flexibility in products. "There are lots of innovative programs, especially targeting low-income and first-time buyers," he says.


Innovative? Is that what they're calling them now, too?

And, for your extended viewing pleasure, watch as Jim Cramer sort of wraps all this up. And oh yeah — goes mental:

— Posted by Michael @ 3:28 PM








3 Comments:
 

That Cramer video made my day. If I had one of those mortgages about which he's speaking, that probably wouldn't be the case though.

 

I don't have TV and my dial up is slow but I'm reading a book by this guy and so I took the time to download the video. My daughter and I watched it together and while we only undrstand about half of what he's talking about, he sure is excited about it.

 

Okay... yes I do live under a rock but news even gets here eventually. I see now why he was so upset.

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